Supermarket chains recorded a 10.1% increase in revenue and 32.5% increase in profits in 2023.
The net profit margin before taxes stood at 1.8%, slightly higher compared to 1.4% in 2022. The above data were presented during the press conference held by the Greek Supermarket Association.
According to data from 35 companies in the sector, total revenue amounted to 12.3 billion euros, compared to 11.1 billion euros in 2023. Pre-tax profits recorded an increase of 32% to 220.4 million euros, compared to 166.4 million euros in 2022. Total expenses rose by 6.4% to 2.8 billion euros, while total bank liabilities soared by 6.3% to 1.54 billion euros. The gross margin was maintained at 26.8%, while the net margin before taxes increased to 1.8% compared to 1.4% in 2022, however, it falls short compared to 2.2% in 2021. Based on the estimates of research companies, the increase in turnover is estimated at 3%-4% in 2024.
At the same time, special mention was made on the issue of prices. The president of the Association, Aristotelis Panteliadis, stated that “food prices have stopped rising, however, in the last two and a half years they have increased a lot and have stabilized at a high level. The solution to this problem – to be realistic, prices cannot return to the levels of three years ago – is wage increases, to cover part of the loss of purchasing power.”
